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Overview

"After One Hundred Years" traces the vital role of business and business leaders--alongside the government and non-profit sectors--in dramatically raising America's standard of living during the twentieth century. From the prologue that reveals Franklin Roosevelt's concerns just three days before his inauguration, through chapters that describe the country's growth and what happened to the massive fortunes of the robber barons and twentieth century industrial tycoons, this book shatters some widely held stereotypes. This well-researched history draws from corporate records, presidential letters and congressional reports, the wills and estate plans of the wealthiest and testimonies of those in need. This book fills a large gap that exists in most histories of America's twentieth century and sheds light on today's quest for innovation, job growth, renewed prosperity for the middle class and security for those in need. "...an enjoyable epic."--Legatus Magazine

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Product Details

About the Author

During his thirty year career at a major property-casualty insurance company, Joseph J. Dunn met frequently with employees and executives at Fortune 500 corporations. Access to their facilities and discussion of their business plans provided rare insight into the levers of profitability in their industries, competitive strategies and corporate cultures, and how local, national and international regulations affect their decisions. He was a member of the board of directors of American Nuclear Insurers and Industrial Risk Insurers.Dunn received a Bachelor of Arts degree from St. Joseph's College (now University) and completed executive education programs at Wharton School of the University of Pennsylvania and Darden School of Business (University of Virginia). Since retiring from business, Dunn has conducted extensive research into the ways in which corporate profits impact American society.

Editorial Reviews

A systematic and timely exploration of how corporate profits, personal fortunes and philanthropy have benefitted American society over the course of a century. As Americans debate income disparity and federal policies aimed at ending the recession, debut author Dunn revisits history to unearth relevant data from public policy spanning the first decade of the 20th century to the present. His quest: to find out where the profits go and who benefits from them. At the outset, Dunn invokes the Watergate-era phrase "follow the money." He begins with how customer choices control the fate of business, then compares widely varying corporate performance across major industries and assesses the impact of government policies on investors. He also examines philanthropy across decades, tracking charitable giving by the foundations and descendants of the five wealthiest men in 1905. His finding: "Philanthropy returns corporate profits and personal wealth to society over time, often at a value that greatly exceeds their original worth ... often addressing causes that voters neglect with a passion and practicality that government agencies do not possess." Dunn asks how society can fuel economic growth to replenish philanthropic coffers, concluding: "We promote innovation by letting more of the profit from business activity stay with the investors who risk capital. We suppress it by taking more of the profits in taxes." Criticizing Keynesian economics or asserting that Roosevelt's policies prolonged the Great Depression isn't new, but Dunn's coinage of "The Dark Age of American Innovation" should attract attention. A compelling graph shows how U.S. patent applications did not recover to 1929 levels until after President Kennedy's tax cuts and then surged following Reagan's cuts. Dunn deftly explains balance sheets, income statements, price-earnings ratios and return on equity. More notable is the author's graceful narrative style, which never bogs down despite the book's complicated subject matter. In economics there are always opposing viewpoints; whether or not readers share the author's conclusions, they will find his approach well-reasoned, his presentation crisp and the historical details engaging. This cogent, well-constructed apologia of American capitalism deserves wide readership.

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